As a CPA and fiscal conservative, I am committed to working with my colleagues to restrain spending and put our fiscal house in order. Congress should not write a blank check; It is vitally important that we hold all Federal programs accountable. For Fiscal Year 2008, the Democrats adopted a Budget resolution that called for $2.9 trillion in federal spending and raised taxes by at least $217 billion. This is the second largest tax increase in history. This budget resolution did nothing to address the uncontrollable growth of entitlement spending, which includes important programs such as Medicare, Medicaid and Social Security. Without reform, these programs will not exist in the future to aid those in need. It would be irresponsible to vote in favor of this tax-and-spend budget, as it further increases the size of our already massive federal government. Additionally it pays for this growth on the backs of the American taxpayer—both now and in the years to come.
To curtail the growth of government, I have introduced in the 110th Congress H. Res. 14, titled the "No New Federal Programs" resolution. This resolution would amend the Rules of Congress so that any bill that is introduced in the U.S. House which establishes a new Federal program must find deauthorize an existing federal program of equal or greater value. If the American family must set priorities and live within its means, then the Federal government should be asked to do no less. If passed, this resolution will require Congress to set budget priorities.
Taxpayer dollars should be spent wisely, or not at all. It is our responsibility to revaluate the spending process. When I came to Congress three years ago, I reasonably believed that if the House voted to cut spending in an appropriations bill the savings would go towards reducing the deficit. However, this is not the case. I have authored legislation, the “Savings in Appropriations” resolution to change the House rules to ensure that money cut on the House floor from a program or programs in a annual appropriations bill be put towards reducing the national deficit or added to the surplus.
The increase in mortgage foreclosures over the past several months has been devastating to many families around the country. I believe that we are all responsible for the decisions we make and the agreements we sign, and so I do not support a bailout of individuals who have made poor financial decisions. However, foreclosures also affect neighboring home values and communities and I believe we should not compound this problem through our tax code. No one wins when homes are lost. Families, banks and communities all feel the effect of a mortgage crisis and Congress should recognize this fact.
I also support the campaign to replace the federal income tax system with a progressive national retail sales tax. It protects and ensures the funding of Social Security and Medicare, enables families to save more for home ownership, education, and retirement, and ensures that all Americans pay their fair share of taxes. The Fair Tax provies a “prebate” to ensure no American pays federal taxes on spending up to the poverty level.
Repeal the Death Tax:
Taxing death is not good public policy. Too many small businesses and family farms have gone out of business due to the forceful, outstretched hand of the federal government. Americans are taxed in every aspect of their lives and it is past time to draw the line. I have supported and voted in favor of legislation that would permanent repeal the death tax and I will continue to fight against reinstating the tax on small businesses and farms.
Alternative Minimum Tax:
In 1969, the Alternative Minimum Tax was put in place by Congress to ensure that the wealthiest Americans were paying their share of an income tax. At that time, the tax was imposed on 169 people. The tax was never adjusted for inflation and without Congressional intervention could target over 23 million tax payers with a 4% income tax surcharge. Most everyone in Congress supports fixing this permanently. Democrats and Republicans disagree on the best way to fix the tax. I believe that Congress should reduce spending to balance the budget, to prevent this tax from impacting millions of middle-class Americans.
Related
Documents:
Press Release
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Conaway Comments on Passage of Financial Rescue Package
10.3.2008
Conaway Chronicle
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The Conaway Chronicle: Special Edition, Financial Rescue Package
10.3.2008
